Electric auto maker By means of Motors Inc. is doing the job with a economic adviser to elevate about $250 million in funding that would price it at $1 billion following the financial investment, in accordance to people today acquainted with the make a difference.

The Orem, Utah-based corporation develops plug-in vans and vans less than the Vtrux manufacturer. It shipped three hundred cars in 2016 and its customers, which include FedEx Corp. and Verizon Communications Inc., have pushed five million miles in the company’s vans and vans so considerably, in accordance to the company’s site.

By means of Motors, which would use the proceeds for item growth, is also in talks with logistics companies to commit in the funding round, reported just one of the people today, who asked not to be discovered due to the fact the funding talks are private. The company’s options are not final and the phrases could nonetheless transform, the people today reported.

A representative for By means of Motors didn’t instantly reply to a ask for for remark.

The corporation has also captivated the desire of special intent acquisition companies, or SPACs, which have been heavily invested in the sector currently.

By means of Motors hasn’t developed as rapidly as it had originally hoped. In 2015, Chairman Bob Lutz reported the corporation aimed to provide 50,000 cars a calendar year by 2018.

Buoyed by Tesla Inc.’s stock efficiency, electrical-auto makers have been attracting financial investment at a rapidly clip. This thirty day period, Rivian Automotive Inc., the electrical-truck startup backed by Amazon.com Inc. and Ford Motor Co., raised $two.five billion in a funding round led by T. Rowe Cost Associates Inc.

“We have found the sector reply radically to these types of entrants as Tesla, Rivian and Nikola and now doing the job vans and vans just obtained a ton smarter,” By means of Motors CEO Bob Purcell reported in a statement final thirty day period announcing a partnership with Mexico’s AT Motors.

Initial public offerings by SPACs have arrived at an all-time higher this calendar year and electrical-auto companies have become well-liked targets for them. Truck maker Nikola Corp. merged with blank-check acquisition auto VectoIQ in June and is now valued at around $twelve billion.

Hyliion Inc., a maker of electrified powertrains for semi vans, announced in June that it would incorporate with Tortoise Acquisition Corp. This thirty day period, Fisker Inc., which is developing an electrical SUV known as the Ocean, struck a offer with a blank-check corporation.